Samsung unit fined $32 mn for price-fixing

Mar 18, 2011
Samsung Electronics logo. A unit of Korean conglomerate Samsung was fined $32 million dollars for involvement in an Asian price fixing ring for a key computer monitor component, the US Justice Department said Friday.

A unit of Korean conglomerate Samsung was fined $32 million dollars for involvement in an Asian price fixing ring for a key computer monitor component, the US Justice Department said Friday.

Samsung SDI agreed to plead guilty to one felony charge in the case, which involved a pact to cut production, fix prices and divvy up market share for color display tubes (CDTs).

" SDI and co-conspirators exchanged CDT sales, production, market share and pricing information for the purpose of monitoring and enforcing adherence to their agreements," the department said in a statement.

It said that parties hashed out the deals in talks in Taiwan, , Malaysia, China and elsewhere.

Samsung SDI was the first company fined in the sprawling conspiracy dating back to 1997-2006. The Justice Department said six other people have been indicted in the past two years in the case.

Two of those, Wen Jun "Tony" Cheng and Cheng Yuan "CY" Lin, were executives of Taiwan's Chunghwa Picture Tubes Ltd, which was involved in a separate, sprawling conspiracy to fix prices of thin film transistor-liquid crystal display (TFT-LCD) panels.

Twenty-two executives and eight companies, including firms from Japan, South Korea and Taiwan, have been charged in that ongoing investigation.

Some of the accused have pleaded guilty and agreed to pay fines totaling more than 890 million dollars.

Explore further: Clooney slams skittish Hollywood after Sony hack

add to favorites email to friend print save as pdf

Related Stories

Samsung fined $300M for conspiracy

Oct 14, 2005

Samsung Electronics was found guilty by the U.S. Department of Justice Thursday for conspiring to set prices on computer chips and fined $300 million.

Head of Taiwan LCD maker barred from leaving US

Aug 23, 2010

(AP) -- The chief executive of a leading Taiwanese LCD screen maker has been barred from leaving the U.S. during a U.S. Justice Department probe into alleged price-fixing, the company said.

Recommended for you

2012 movie massacre hung over 'Interview' decision

12 hours ago

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

18 hours ago

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

Atos shares soar after Xerox acquisition

21 hours ago

Shares in French tech firm Atos soared nearly five percent on Friday as traders cheered the news it had bought the IT wing of Xerox for more than $1 billion.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.